Tiger, tiger

Following on from the article in '7 Days' about the two tigers in the Dubailand office, here are photos of these magnificent animals taken in December 2007.  They are in a glass fronted enclosure inside the, now defunct, Dubailand sales office near Arabian Ranches.

Emaar merger likely to be "distressing"

A merger between Dubai's Emaar Properties and three local firms is likely to be more distressing than supportive due to strategy uncertainty and exposure to the suffering property sector, EFG-Hermes said.
Dubai Holding, owned by the ruler of Dubai, and Emaar said last month the builder of the world's tallest tower would merge with Dubai Properties, Sama Dubai and leisure developer Tatweer.
"While the merger might result in the creation of a stronger operational/financial entity with better access to funding and ultimately greater control over supply, there is no visibility regarding the strategy of the combined entity," EFG-Hermes said in a report.
The deal, which has an unknown valuation, could lead to a substantial dilution for Emaar shareholders, with Dubai Holding firms unlikely to bring liquidity to the new entity, the bank said.
It added the government ownership level in Emaar could rise to as much as 89 percent from 32 percent.
Emaar's shares have fallen nearly 25 percent since the merger was announced, and were off 6.95 percent at AED2.41 at 0849 GMT on Wednesday. Dubai's index was down 3.5 percent.Ratings firm Moody's Investors Service said late last month it placed Emaar on review for downgrade, and downgraded Dubai Holding to A3 from A2.
The increased exposure of the combined entity to Dubai's fragile real estate sector was also a concern, EFG-Hermes said.
Property prices in the emirate's once-booming real estate sector have fallen 45 percent from peaks in 2008 and are likely to fall as much as 60 percent overall, it added.
Dubai house prices will fall another 20 percent this year as the emirate continues to suffer a sharp economic downturn, a Reuters poll showed last month. (Reuters)

Share slump follows Emaar merger announcement

From ArabianBusiness.com 29 June 09
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Dubai's Emaar Properties said on Sunday the entity resulting from a proposed merger with three units of Dubai Holding, owned by the emirate's ruler, will have combined assets worth AED194bn ($52.85bn).
Emaar Properties' shares plunged after announcing merger plans, dragging Dubai's index to its biggest one-day fall for seven months.
Emaar, which is building the world's tallest tower in Dubai, and Dubai Holding announced a plan on Friday to merge the developer with real estate units Dubai Properties, Sama Dubai, and leisure developer Tatweer – all prominent players in a sector badly hit by the global financial crisis.
The new entity would have AED13.4bn of debt obligations, around 7 percent of total assets, Emaar chairman Mohammed Alabbar said in a statement on the bourse website.
The property developer also said its own total book value of assets at the end of March was AED68bn, with AED10bn of debt obligations.
"The proposed consolidation will create a robust and strategic asset base while joining the strengths of the management teams and employees of these companies," said Alabbar.
Dubai Properties, Sama Dubai and Tatweer had combined total assets of AED126bn at the end of last year, with around AED3.4bn worth of external debt obligations, the company said.
Property prices in Dubai have slumped since last year when the global economic crisis and a drop in oil prices ended an economic boom in the Gulf region.
Emaar, the largest listed Arab developer, which is 31.2 percent owned by the ruler, said the consolidation process will take around four months.
Tatweer said earlier this month the bankruptcy of its partner Six Flags, one of the largest theme park operators, would not delay a multi-billion dirham park project in Dubai.
Tatweer is building at least seven theme parks in the Gulf Arab emirate.
Dubai Holding said in February it would merge back-office operations at Dubai Properties, Sama Dubai and Mizin to cut costs.